Economic adviser to Xi Jinping named vice chairman of CSRC

Fang Xinghai, senior economic adviser to President Xi Jinping, has been named vice chairman of the China Securities Regulatory Commission, The Wall Street Journal reported, citing unnamed officials. Fang was previously a director-general in the Office of the Central Leading Group on Economics and Financial Affairs and is respected within official circles for an ability to push through market-oriented financial reforms. The move follows the securities commission’s bungled rescue of the mainland stock market this summer, and the leadership is said to be planning more personnel changes to strengthen regulatory power over China’s financial sector in the coming months.